New Device Authenticates Mobile Payment Using Your Heartbeat
Wearable biometrics provider Nymi has teamed up with TD Bank and MasterCard to create the world’s first wearable mobile payment solution. Backed by biometric technology, this wearable uses a person’s heartbeat to verify identity and authorize contactless credit card payments.
The wearable band contains an NFC (near field communications) chip that communicates with any contactless terminal. The band then reads the person’s heartbeat to verify that person’s identity.
Biometric technology is nothing new in the contactless payment industry. There are phone-based payment solutions that utilize fingerprint scanners to verify an owner’s identity before making a payment. What makes this system unique is the fact that it assesses each individual’s unique heart rhythm for identity verification. Every person has a specific heartbeat, much like a fingerprint.
The “Nymi Band” was first introduced in March. The product will now be tested by more than 100 TD Bank customers in Toronto, Ottawa and Regina as part of the official pilot program. If successful, users from other banks will be brought in to test the device before it hits the market.
“Nymi’s goal is to fundamentally change the way authentication is treated and to move industries towards a more secure and convenient identity model,” said Karl Martin, Nymi’s Founder and CEO.